Economic
and Game Theory
Against Intellectual Monopoly

[this version November 11, 2005] [see the newer version January 22, 2007]
It is common to argue that intellectual property in the form
of copyright and patent is necessary for the innovation and creation of
ideas and inventions such as machines, drugs, computer
software, books, music, literature and movies. In fact intellectual
property is not like ordinary property at all, but constitutes a
government grant of a costly and dangerous
private monopoly over ideas. We show through theory and example
that intellectual monopoly is not neccesary for innovation and as a
practical matter is damaging to
growth, prosperity and liberty.